The $15.5 billion Sunsuper industry fund has frozen commitments to one of its largest infrastructure managers, as it shifts its preferred entry mode to the asset class from equity to debt.
UniSuper’s specialist revolution for global equities
The $25 billion UniSuper is revolutionising its $4.5 billion international equities portfolio, terminating every active developed markets manager in favour of passively tracking the MSCI World, while alpha is sought among specialist regional and sectoral managers, with a listed technology mandate to be first cab off the rank.
Russell replaces investment solutions chief
Celebrations at Russell Investments, which last week prised consultancy for the $850m Amcor super fund from the hands of Simon Ibbetson, were tempered somewhat by the need to replace the head of investment solutions, who departed for a senior role running BT Investment Management’s balanced funds.
VFMC says no to accumulation funds
When Emergency Services and State Super (ESS Super) ran an open tender for the asset consulting contract of its $1.2 billion accumulation fund, its incumbent provider – Victorian Funds Management Corporation (VFMC) – was absent from the contest.
Insurers group for some ups and downs
The group risk insurance market has produced some baffling figures, according to actuary Simon Solomon.
UniSuper's specialist revolution for global equities
The $25 billion UniSuper is revolutionising its $4.5 billion international equities portfolio, terminating every active developed markets manager in favour of passively tracking the MSCI World, while alpha is sought among specialist regional and sectoral managers, with a listed technology mandate to be first cab off the rank.
Unbalanced
iPad? iDon’t, says Jack Gray Conexus Financial – the publisher of the bundle of dead trees you hold now in your hands – also has its finger on the pulse of cutting edge media technology. At last month’s Fiduciary Investors’ Symposium at the Manly Novotel, we thought we had a lucky door prize guaranteed to wow delegates – an Apple iPad, just two days after its release in Australia. Interestingly for us, however, the prize was won by Jack Gray, the former GMO contrarian for whom a phrase such as ‘finger on the pulse of cutting-edge media technology’ is a cue to stick his fingers in his ears. Unbalanced had caught up with Gray that morning, after he’d walked out of a presentation by digital consultant Anthony Bertini, entitled ‘What’s changing the world – technology and more technology!’. “What a load of crap,” the funds manager was heard to grumble, taking particular exception to Bertini’s evangelising of, ahem, the Apple iPad. Gray assured us he thinks the internet is wonderful, but hates the “hype and bullshit” that has become a hallmark of the online age, particularly when every “latest gizmo” is hailed as making all before it redundant.
Super policy must rise above resources stoush
Across the developed world, pension systems face funding crises. This makes Australia’s aim to raise the superannuation guarantee to 12 per cent stand out as fine public policy and should not be derailed by the mining industry’s campaign against the tax on super profits of resources companies. GERARD NOONAN, president of the Australian Institute of Superannuation trustees and a former editor of The Australian Financial Review, lays out the argument.
Hedge funds up in April but performances differ widely
Australian hedge funds (including offshore funds offered for sale in Australia) reported a positive 0.68 per cent return for the month of April, and a positive 1.67 per cent for the first four months of 2010. The top 10 funds, ranked by year-to-date performance, were offered by just six managers: London-based RAB Capital; Sydney’s Platinum AM; New York-based Ramius; and HCAP, a recently established Sydney-based manager. Each of these managers had two funds in the top 10. Ashton and FRM rounded out the list. The best performing strategies were fixed income with a 5.41 per cent return year-to-date, followed by multi-strategy with 3.27 per cent.
Fundies musn’t be precious, nor custodians too eager to please
To capture the full benefits of an outsourcing relationship, there must be a focused effort by the industry to repair trust and to realign service expectations between fund managers and custodians. We have the technology and we have the desire. But the lack of trust between parties and unrealistic service expectations remain as real roadblocks, writes BRUCE RUSSELL, a director with Shoreline, a consultancy for investment industry businesses.
Ausmaq moves swiftly to reduce risk
The payments system of the funds management industry is lumbering into the 21st century as custodian Ausmaq goes online with the order-sending component of SWIFT’s electronic messaging system, called Funds. The driver for automation has not been “the immediate dollar savings,” says Ausmaq’s chief executive, Robert Brown, “because there are still some issues with takeup in the market.” Ausmaq is a wholly owned subsidiary of the NAB, and jostles with HSBC for the second and third places after behemoth RBC Dexia. Custodian Ausmaq now takes third place behind RBC Dexia Investor Services’ registry business, the biggest by transaction volume in the industry, and HSBC Securities Services’ custody arm, the second by volume.
